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Pets insured before people

Pets insured before people

Category: Insurance

Updated: 07/12/2016
First Published: 12/12/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The UK may be a nation of animal lovers but research has revealed just how true this sentiment is, with Friends Life finding that people are more likely to insure their pets than themselves.

In fact, even smartphone insurance comes ahead of the likes of health insurance or income protection, and whilst it's admirable that consumers are preparing for unexpected costs it's time they thought about their own protection too.

Looking closer at the figures, based on a survey of 2,000 respondents, it was found that people are almost twice as likely to hold pet insurance (21% having such a policy) than they are to have critical illness cover (held by just 12% of those polled), despite family and health topping the list of the things most important to them.

In fact, 87% of respondents fail to be insured for a serious or life-changing injury, while just 9% had any form of income protection.

It's a worrying sign. Costs of vets bills and phone repairs, although unexpected and potentially stressful, would be negligible compared to the costs incurred should on-going medical treatment be necessary, and the ability to make mortgage repayments or cover household bills could be seriously compromised should someone no longer be able to work.

Experts would therefore suggest that investing in some form of protection or insurance product should be high on the list of priorities, offering valuable financial security should the worst happen.

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* We reviewed the quote requests generated on Quotezone's insurance comparison service between Jan and March 2013. We took the cheapest from the median (halfway point) quote returned to each customer to produce a 'representative' saving. 50% + achieved a representative saving of this amount or more. The savings you could achieve are dependent on your individual circumstances and how you selected your current insurance supplier.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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